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Ruffer LLP Portfolio holdings

AUM $2.83B
1-Year Est. Return 30.34%
This Fund
S&P 500
This Quarter Est. Return
-1.94%
1 Year Est. Return
+30.34%
3 Year Est. Return
+98.01%
5 Year Est. Return
+139.76%
10 Year Est. Return
+587.97%
AUM
$1.6B
AUM Growth
-$943M
Cap. Flow
-$974M
Cap. Flow %
-60.92%
Top 10 Hldgs %
49.2%
Holding
104
New
7
Increased
13
Reduced
48
Closed
9

Top Buys

Rank Stock Value
1
RYAAY icon
Ryanair
RYAAY
+$93.7M
2
AMZN icon
Amazon
AMZN
+$36.2M
3
SYF icon
Synchrony
SYF
+$20.2M
4
BKNG icon
Booking.com
BKNG
+$18.8M
5
HTZ icon
Hertz
HTZ
+$12.7M

Top Sells

Rank Stock Value
1
CI icon
Cigna
CI
+$198M
2
NOC icon
Northrop Grumman
NOC
+$119M
3
KGC icon
Kinross Gold
KGC
+$117M
4
ABEV icon
Ambev
ABEV
+$98.7M
5
EXE
Expand Energy Corp
EXE
+$89.9M

Sector Composition

Rank Sector Weight
1 Financials 16.57%
2 Materials 16.02%
3 Healthcare 13.6%
4 Energy 13.33%
5 Consumer Staples 12.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SKE
51
Skeena Resources
SKE
$3.3B
$3.36M 0.21%
710,000
– –
BTG icon
52
B2Gold
BTG
$5B
$3.27M 0.2%
966,783
+200,000
+26% +$659K
IAG icon
53
IAMGOLD
IAG
$8.2B
$2.96M 0.19%
2,589,771
-2,730,188
-51% -$3.64M
DIS icon
54
Walt Disney
DIS
$167B
$2.58M 0.16%
25,821
– –
PM icon
55
Philip Morris
PM
$297B
$2.39M 0.15%
28,000
– –
GLDG
56
GoldMining Inc
GLDG
$178M
$2.27M 0.14%
2,501,996
– –
IMV
57
DELISTED
IMV Inc. Common Shares
IMV
$2.11M 0.13%
441,955
– –
ORA icon
58
Ormat Technologies
ORA
$6B
$1.74M 0.11%
20,300
– –
DRD
59
DRDGold
DRD
$1.77B
$1.7M 0.11%
298,052
-11,667
-4% -$67.2K
GORO icon
60
Goldgroup Mining Inc.
GORO
$157M
$1.56M 0.1%
871,179
-638,544
-42% -$1.08M
DNOW icon
61
DNOW Inc
DNOW
$2.58B
$1.49M 0.09%
130,000
-100,000
-43% -$1.08M
MKL icon
62
Markel Group
MKL
$23.3B
$1.49M 0.09%
1,300
+300
+30% +$366K
FISV
63
Fiserv Inc
FISV
$28.8B
$1.39M 0.09%
14,000
-11,000
-44% -$1.12M
MTB icon
64
M&T Bank
MTB
$35.7B
$1.38M 0.09%
7,500
-92
-1% -$16.3K
DD icon
65
DuPont de Nemours
DD
$18.5B
$1.35M 0.08%
+20,298
New +$1.45M
EGO icon
66
Eldorado Gold
EGO
$7.87B
$1.34M 0.08%
195,733
-354,267
-64% -$2.08M
ITRG
67
Integra Resources
ITRG
$424M
$1.28M 0.08%
953,832
– –
EQX icon
68
Equinox Gold
EQX
$7.06B
$1.22M 0.08%
320,765
-360,000
-53% -$1.4M
ARCO icon
69
Arcos Dorados Holdings
ARCO
$1.72B
$1.17M 0.07%
152,142
– –
FMX icon
70
Fomento Económico Mexicano
FMX
$43.6B
$1.17M 0.07%
+18,000
New +$1.13M
NXST icon
71
Nexstar Media Group
NXST
$5.82B
$1.14M 0.07%
6,461
-40
-0.6% -$7.41K
JAZZ icon
72
Jazz Pharmaceuticals
JAZZ
$15.9B
$1.07M 0.07%
7,702
– –
MLM icon
73
Martin Marietta Materials
MLM
$31.5B
$990K 0.06%
3,000
– –
CMI icon
74
Cummins
CMI
$87.5B
$949K 0.06%
4,300
– –
WFC icon
75
Wells Fargo
WFC
$261B
$929K 0.06%
22,000
– –
1 2
3
4 5

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GS
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ISL
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AIP
Atlas Infrastructure Partners London, United Kingdom $2.84B AUM 4.75% 1-Year Est. Return
AF
Aviso Financial Toronto, Ontario, Canada $2.82B AUM 24.96% 1-Year Est. Return
SAI
Systematic Alpha Investments Princeton, New Jersey $2.84B AUM 27.03% 1-Year Est. Return
MWM
Meridian Wealth Management Lexington, Kentucky $2.85B AUM 31.23% 1-Year Est. Return
MSDF
Michael & Susan Dell Foundation New York $2.85B AUM 26.28% 1-Year Est. Return
WG
Winton Group London, United Kingdom $2.85B AUM 30.73% 1-Year Est. Return

Ruffer LLP's Q3 2022 Portfolio in Review

As of Q3 2022, Ruffer LLP held 104 positions worth $1.6B, down 37% from $2.54B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Ruffer LLP withdrew a net $974M in Q3 2022, closing 9 positions and reducing 48 holdings. Its most notable exit was Lockheed Martin, an estimated $31.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 14% a quarter earlier, followed by Materials and Healthcare.

Against the trend, Ruffer LLP opened a new position in Ryanair worth $81.8M.

  • Ruffer LLP's largest Q3 2022 buy was Ryanair: 3,324,353 shares worth $81.8M.
  • Ruffer LLP added most to Hertz in Q3 2022, an estimated $12.7M increase.
  • Ruffer LLP's biggest Q3 2022 reduction was Cigna, cutting an estimated $198M.
  • Ruffer LLP fully exited Lockheed Martin in Q3 2022, selling an estimated $31.8M.
  • Ruffer LLP's ten largest holdings make up 49% of its $1.6B portfolio in Q3 2022.
  • Ruffer LLP opened 7 new positions and closed 9 in Q3 2022.
  • Ruffer LLP's portfolio value fell 37% quarter-over-quarter to $1.6B.

Based on Ruffer LLP's 13F filing for Q3 2022, filed 10 Nov 2022.